This information relates to the Cash account for Cullumber Company.Balance September 1-$17,090; Cash deposited-$64,000Balance September 30-$18,290; Checks written-$62,800The September bank statement shows a balance of $17,190 at September 30 and the following memoranda.CreditsCollection of electronic funds transferInterest earned on checking account$1,99050DebitsNSF check: H. KaneSafety deposit box rent$72065At September 30, deposits in transit were $4,903 and outstanding checks totaled $2,548.

A Bank Reconciliation Statement is prepared by an organization to match the balances of cash book as…

Balance September 1-$17,090; Cash deposited-$64,000 Balance September 30-$18,290; Checks written-$62,800 written-$ The September bank statement shows a balance of $17,190 at September 30 and the following memoranda.

Balance September 1-$17,090; Cash deposited-$64,000 Balance September 30-$18,290; Checks written-$62,800 written-$ The September bank statement shows a balance of $17,190 at September 30 and the following memoranda.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: • The July 31 bank statement indicated a cash balance of $9,610 • The cash ledger account on that…

A: Bank Statement: Bank Statement is a record maintained by a bank of a company in which that company…

Q: Using the following information: The bank statement balance is $3,744. The cash account balance is…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: 1. Identify and list the deposits in transit at the end of December. (You may select more than one…

A: Bank reconciliation statements (BRS): The corporation keeps a cash book, whereas banks keep a…

Q: The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT…

A: Bank Reconciliation statement Bank Reconciliation Statement is the statement which is prepared to…

Q: The April 30 bank statement for Trimble Corporation shows an ending balance of $37,169. The…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Using the following information: a. The bank statement balance is $3,351. b. The cash account…

A: Bank reconciliation is the method of validating all cash account balances in an entity's accounting…

Q: The cash account for Brentwood Bike Co. at May 1 indicated a balance of $32,991. During May, the…

A: The bank Reconciliation is prepared at year end to reconcile the difference between the end balance…

Q: Checks issued from November purchases amounting to $90,100 was reflected in December bank statement.…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Prepare the journal entry to reconcile the bank statement.

A: Prepare a bank reconciliation statement.

Q: Using the following information: The bank statement balance is $4,074. The cash account balance is…

A: A bank reconciliation statement is a statement prepared to match the balance of the bank book and…

Q: the following bank information: cash balance per bank $8,070, outstanding checks $722, deposits in…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: The records of Rossiter Company indicate a May 31 cash in bank balance of P242,310.50, which…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:…

A: Bank statement is prepared by bank, but companies maintains its own records from its own…

Q: The bank statement for Adcock Company indicates a balance of $830 on July 31. The cash balance per…

A: We have the following information: The bank statement for Adcock Company indicates a balance of…

Q: At November 17, Icon Company has this bank information: cash balance per bank $6,950; outstanding…

A: Adjusted cash balance per bank means where the bank balance has been adjusted with outstanding…

Q: repare a bank reconciliation on August 31 using the adjusted balance method. b. Prepare adjusting…

A: The bank reconciliation statement can be defined as the form of financial statement being prepared…

Q: As of June 30, Year 1, the bank statement showed an ending balance of $18,098. The unadjusted Cash…

A: Answer:- Journal entry:- The act of maintaining or creating records of any transactions, whether…

Q: At April 30, Kessler Company has the following bank information: Cash balance per bank $6,900…

A: Lets undertand the basics. Bank reconciliation statement is prepared by entity in order to reconcile…

Q: The information below relates to the Cash account in the ledger of Blossom Company. Balance…

A: A bank reconciliation statement could be defined as the summary of the banking and business accounts…

Q: LILA company has the below information in its Bank Statement and the company book at the end of the…

A: Bank reconciliation statement: This statement is prepared to reconcile the entity cash balance with…

Q: The following information is extracted from the bank statement and the accounting records of Sun…

A: The bank reconciliation statement is prepared to equate the balances of the cash book and passbook…

Q: On December 10, you receive your bank statement showing a balance of $2,984.86. Your checkbook shows…

A: ANSWER:- Reconciled balance = $2,893.61 EXPLANATION:- Unadjusted bank balance = $2,984.86 Deposit…

Q: The May 31 balance per bank statement was $18,000. The cash balance per books was $22,250.…

A: The bank reconciliation statement is prepared to equate the balances of the cash book and passbook…

Q: At April 30, Kessler Company has the following bank information: Cash balance per bank $6,900…

A: INTRODUCTION: The "adjusted balance method" of accounting bases finance charges on the amount(s)…

Q: Cassie Company provided the following information: Balance per bank statement - May 31 Deposits…

A: Reconciliation statement helps in making the balance of bank in the books of entity is matched with…

Q: At November 30, One Day Cleaners has available the following data concerning its PROBLEM 7A-2…

A: The bank reconciliation statement is prepared to match the cash balances of cash book and pass book.…

Q: Bigotry Company provided the following information: Balance per book, August 31 2,000,000…

Q: bank reconciliation

A: A bank reconciliation statement is a useful statement that lets you find the differences in cash…

Q: At April 30, Mazaya Company Has the following bank information: cash balance per book $7200;…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: Using the following information: a. The bank statement balance is $4,690. b. The cash account…

A: Bank reconciliation reconcile the bank balance with book balance as per financial records.

Q: answer please

A: Bank reconciliation statement: Bank statement is prepared by the bank. The company maintains its own…

Q: The Seattle First Company’s bank statement for the month of September indicated a balance of…

A: A bank reconciliation statement is prepared to match the bank balance shown in the books of accounts…

Q: Madison Company's cash ledger reports the following for the month ending March 31. Deposits: Cash…

A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…

Q: Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:…

A: Prepare a bank reconciliation statement for Hills Company.

Q: Question. At April 30, Kessler Company has the following bank information: Cash balance per bank…

A: INTRODUCTION: The accounting technique known as the "adjusted balance method" bases finance charges…

Q: This information relates to the Cash account in the ledger of Crane Company. Balance September…

A: Ideally cash balance as per cashbook and bank balance as per bank statement must reconcile with each…

Q: Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book. The…

Q: Instructions Labels and Amount Descriptions The cash account for Norwegian Medical Co. at April 30…

A: Ideally cash balance as per cashbook must reconcile with bank balance as per bank statement. If…

Q: The April 30, Current Year, bank statement and the April ledger account for cash showed the…

A: When the bank statement balance and cash account balance do not match due to some differences in the…

Q: At April 30, Marigold Company has the following bank information: cash balance per bank $2360;…

A: Lets undertand the basics.Bank reconciliation statement is prepared by entity in order to reconcile…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

This information relates to the Cash account for Cullumber Company.
Balance September 1-$17,090; Cash deposited-$64,000
Balance September 30-$18,290; Checks written-$62,800
The September bank statement shows a balance of $17,190 at September 30 and the following memoranda.
Credits
Collection of electronic funds transfer
Interest earned on checking account
$1,990
50
Debits
NSF check: H. Kane
Safety deposit box rent
$720
65
At September 30, deposits in transit were $4,903 and outstanding checks totaled $2,548.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define bank reconciliation statement

VIEW

Step 2: Prepare adjusting entries

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,220 Deposits during June $ 18,100 25,320 Checks cleared during June $ 19,200 6,120 Bank service charges $ 40 6,080 Balance, June 30 6,080 Cash (A) June 1 Balance 7,220 June Deposits 19,200 19,500 Checks written June June 30 Balance 6,920 How would i find the cash balance?
The treasurer preparing the October bank reconciliation identified the following items: Cash balance per the company's records $32,700, Deposits in Transit $4,300, Outstanding Checks $2,200, Interest earned on the checking account $200, Customer NSF check $400. What is the company's adjusted cash balance at Oct. 31? A. $34,900 B. $32,700 C. $32,500 D. $34,800
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,220 Deposits during June $ 18,100 25,320 Checks cleared during June $ 19,200 6,120 Bank service charges $ 40 6,080 Balance, June 30 6,080 Cash (A) June 1 Balance 7,220 June Deposits 19,200 19,500 Checks written June June 30 Balance 6,920 Required: Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June. How would i fill out the bank reconcilliation for this problem?
Using the following information, determine the adjusted bank balance. Bank balance: $6,925 Deposits in transit: $1,932 Outstanding checks: $584 Interest income: $130 NSF check: $275
hsl.6
1 The ending bank statement balance at November 30 is 7450. The bank statement shows a service charge of 75, the electronic funds receipts of 500 and a NSF check for 350. Deposits in transit total 2550 and outstanding checks are 1735. The balance per books at November 30 is 8190. What is the adjusted bank balance at November 30?
On December 10, you receive your bank statement showing a balance of $2,981.97. Your checkbook shows a balance of $2,782.86. Outstanding checks are $387.86 and $175.56. The account earned $122.85. Deposits in transit amount to $479.16, and there is a service charge of $8.00. Calculate the reconciled balance. O $199.11 $2,668.01 $2,897.71 O $4,024.55
Da
Conway Company reported the following information: Cash balance on balance sheet (12/31) $22,066 Pre-reconciliation cash account balance (12/31) 23,916 Bank statement (12/31) 23,220 Bank service charges 350 Bank debit memos (utility payments) 1,500 Deposits in transit (12/31) 9,160 Required: Question Content Area 1. Calculate the amount of outstanding checks as of December 31.
On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
The new balance from a bank statement is $16,835.55. The deposits not yet recorded by the bank are $2058.05, $92.91 and $1052.27. The checks outstanding are $352.85, $188.14, $144.73 and $81.20. Determine the adjusted bank balance.
County National Bank Disbursements Receipts Balance Balance, August 1 $10,915 Deposits during August Note collected for depositor, including $47 interest $37,513 48,428 1,212 49,640 Checks cleared during August Bank service charges Balance, August 31 $40,193 9,447 23 9,424 9,424 The general ledger Cash account contained the following entries for the month of August. Cash Balance, August 1 Receipts during August 11,708 Disbursements in August 40,665 40,775 Deposits in transit at August 31 are $4,427, and checks outstanding at August 31 total $1,223. Cash on hand at August 31 is $361. The bookkeeper improperly entered one check in the books at $147 which was written for $165 for supplies (expense); it cleared the bank during the month of August. (a) Prepare a bank reconciliation dated August 31, 2025, proceeding to a correct balance. SKYSONG COMPANY Bank Reconciliation, County National Bank